The European Union dominates critical pharmaceutical imports into the United States, making the 30% tariffs Trump threatened to go into effect Aug. 1 particularly risky.

European shares were subdued early in the session on Monday as investors assessed a mixed bag of corporate earnings while awaiting a potential trade deal between the United States and the European Union.

AstraZeneca and GSK shares were among today’s FTSE 100 index beneficiaries as risk appetite surged on the back of Japan’s US trade deal. London’s top flight added another 0.6% to a fresh record of 9075.84, while benchmarks in Paris and Frankfurt rallied 1% on hopes that a European deal on tariffs is imminent.

The EU had first brought the case against China at WTO in 2022, accusing China of blocking European tech companies from using foreign courts to defend their patents. For instance, if a European company beleives a Chinese entity is infringing its patent and wants to sue them,

The Trump administration is pressing the European Union to accept blanket tariffs in the range of 15% or more, well above the level the bloc had initially negotiated with the U.S., people familiar with the matter said.

President Trump’s threat to impose 30% tariffs on the European Union disrupted negotiations. From cars to wine, these are the industries on the line.

President Donald Trump's announcement of 30% tariffs on the European Union will have repercussions for companies and consumers on both sides of the Atlantic.

The outlook for European corporate health has slightly improved, the latest earnings forecasts showed on Tuesday, despite continued uncertainty over global trade and the European Union preparing for counter-measures against any major U.